Indian cab app Ola raises $1.1bn from Tencent and Softbank as competition with Uber steps up
Indian cab hailing service Ola has raised $1.1bn from investors, led by China’s Tencent Holdings and its existing shareholder Japan’s SoftBank Group, to expand its presence in India.
Indian cab hailing service Ola raises $1.1bn from Tencent and Softbank to overtake Uber
As reported by Reuters, Ola would invest in artificial intelligence and machine learning capabilities, which includes technologies such as its in-car entertainment platform called Play that allows riders to choose music and stream videos.
Ola has previously raised $250m from SoftBank and is further aiming to gain investments of around $1bn from other investors to combat its rival Uber.
The investment is set to give Ola an edge over Uber as it already operates in 110 cities and has integrated other transport options which includes bikes, auto-rickshaws and electric cars as compared to Uber's presence in just 30 cities.
Ola remains as the third most valuable startup in India after Flipkart and Paytm. Uber recently unveiled its first TVC in India inspired by real rider and driver partner stories.